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EGM

Espalier Global Management Portfolio holdings

AUM $308M
1-Year Est. Return 14.19%
This Fund
S&P 500
This Quarter Est. Return
+5.03%
1 Year Est. Return
+14.19%
3 Year Est. Return
+97.16%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.29B
AUM Growth
-$499M
Cap. Flow
-$590M
Cap. Flow %
-45.68%
Top 10 Hldgs %
46.33%
Holding
159
New
60
Increased
12
Reduced
17
Closed
64

Top Buys

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$36.3M
2
MSFT icon
Microsoft
MSFT
+$22.3M
3
TWTR
Twitter, Inc.
TWTR
+$18M
4
CSCO icon
Cisco
CSCO
+$14.9M
5
NTAP icon
NetApp
NTAP
+$12.5M

Top Sells

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$22.3M
2
CHKP icon
Check Point Software Technologies
CHKP
+$19.6M
3
C icon
Citigroup
C
+$16.7M
4
WFC icon
Wells Fargo
WFC
+$16.2M
5
GS icon
Goldman Sachs
GS
+$12.3M

Sector Composition

Rank Sector Weight
1 Technology 16.01%
2 Financials 11.46%
3 Communication Services 3.58%
4 Industrials 3.01%
5 Consumer Discretionary 3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NUS icon
76
PUT
Nu Skin
NUS
$247M
$3.7M 0.29%
50,000
– –
P
77
DELISTED
Pandora Media Inc
P
$3.69M 0.29%
+125,000
New +$3.26M
SNCR
78
DELISTED
Synchronoss Technologies
SNCR
$3.5M 0.27%
11,111
-8,333
-43% -$2.39M
QLIK
79
DELISTED
QLIK TECHNOLOGIES INC COM STK (DE)
QLIK
$3.39M 0.26%
+150,000
New +$3.44M
MOVE
80
DELISTED
MOVE INC COM STK NEW (DE)
MOVE
$3.33M 0.26%
+225,000
New +$2.71M
WAT icon
81
CALL
Waters Corp
WAT
$36.8B
$2.87M 0.22%
27,500
-72,500
-73% -$7.63M
BRKR icon
82
CALL
Bruker
BRKR
$9.2B
$2.83M 0.22%
+116,800
New +$2.53M
CSLT
83
DELISTED
CASTLIGHT HEALTH, INC.
CSLT
$2.68M 0.21%
176,573
+6,573
+4% +$107K
ALLY icon
84
CALL
Ally Financial
ALLY
$13.1B
$2.39M 0.19%
+100,000
New +$2.43M
ETFC
85
CALL
DELISTED
E*Trade Financial Corporation
ETFC
$2.13M 0.16%
100,000
– –
KING
86
CALL
DELISTED
KING DIGITAL ENTMT PLC ORD SHS (IRL)
KING
$2.06M 0.16%
+100,000
New +$1.74M
ZNGA
87
CALL
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
$1.6M 0.12%
+500,000
New +$1.81M
DRIV
88
DELISTED
DIGITAL RIVER INC.
DRIV
$1.54M 0.12%
100,000
-125,000
-56% -$1.99M
NSR
89
DELISTED
Neustar Inc
NSR
$1.3M 0.1%
+50,000
New +$1.36M
TLPH icon
90
Talphera
TLPH
$70.1M
$1.28M 0.1%
6,250
-15,000
-71% -$3.01M
ENT
91
DELISTED
Global Eagle Entertainment Inc.
ENT
$1.24M 0.1%
4,000
-800
-17% -$237K
ERIC icon
92
PUT
Ericsson
ERIC
$30.7B
$896K 0.07%
+74,200
New +$924K
TRLA
93
DELISTED
TRULIA INC (DEL)
TRLA
$692K 0.05%
+14,599
New +$537K
SZYM
94
CALL
DELISTED
SOLAZYME INC COM STK (DE)
SZYM
$589K 0.05%
50,000
– –
SINA
95
DELISTED
Sina Corp
SINA
$85K 0.01%
+1,703
New +$83.6K
AA icon
96
PUT
Alcoa
AA
$11.7B
– –
-416,146
Closed -$12.9M
AAOI icon
97
Applied Optoelectronics
AAOI
$8.04B
– –
-100,000
Closed -$2.47M
BNY
98
CALL
Bank of New York Mellon
BNY
$108B
– –
-297,100
Closed -$10.5M
C icon
99
CALL
Citigroup
C
$222B
– –
-500,000
Closed -$23.8M
C icon
100
Citigroup
C
$222B
– –
-350,000
Closed -$16.7M
2 3
4
5 6

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AT
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ACM
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ZBI
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Espalier Global Management's Q2 2014 Portfolio in Review

As of Q2 2014, Espalier Global Management held 159 positions worth $1.29B, down 28% from $1.79B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Espalier Global Management withdrew a net $590M in Q2 2014, closing 64 positions and reducing 17 holdings. Its most notable exit was Alphabet (Google) Class C, an estimated $22.3M position sold in full.

By sector, the portfolio is most concentrated in Technology at 16% of assets, up from 8.7% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Espalier Global Management opened a new position in Apple worth $39.6M.

  • Espalier Global Management's largest Q2 2014 buy was Apple: 1,705,024 shares worth $39.6M.
  • Espalier Global Management added most to Cisco in Q2 2014, an estimated $14.9M increase.
  • Espalier Global Management's biggest Q2 2014 reduction was Delta Air Lines, cutting an estimated $5.66M.
  • Espalier Global Management fully exited Alphabet (Google) Class C in Q2 2014, selling an estimated $22.3M.
  • Espalier Global Management's ten largest holdings make up 46% of its $1.29B portfolio in Q2 2014.
  • Espalier Global Management opened 60 new positions and closed 64 in Q2 2014.
  • Espalier Global Management's portfolio value fell 28% quarter-over-quarter to $1.29B.

Based on Espalier Global Management's 13F filing for Q2 2014, filed 14 Aug 2014.